Real Estate

Zumper: Rent prices stabilize in June, flattening across the country

Median monthly rent for a 1-bedroom unit inches forward to $1,216

Hey renters, the nation’s median rent prices remained relatively flat in June, according to Zumper’s latest National Rent Report.

According to the company’s data, the rental price for a one-bedroom and two-bedroom unit inched forward only 0.1% and 0.5% last month.

This means it now cost the average renter a median of $1,216 and $1,471 to rent the average one-bedroom and two-bedroom units, equating to an annual increase of 1.5% and 2.4%, respectively.

Although the nation’s top 10 markets did not experience any ranking adjustments, Zumper notes that New York City had the largest monthly growth rate for one-bedroom units.

In that pricey market, rent for the average one-bedroom increased by 4.6%, hitting an almost 3-year peak of $2,980.

Despite this increase, Zumper’s data indicates a substantial amount the country experienced rent relief.

“The rest of the country experienced many flat monthly growth rates, with a handful even seeing large, double digit year over year declines,” Zumper writes. “It seems the market is stabilizing since the days of many cities experiencing consecutive, 10%+ year over year growth rates in 2018. However, since hot moving season has just begun, rents could still shoot up in the coming months.”

The chart below displays the 24 most expensive rent markets and how they moved in June, according to Zumper. 

Zumper/ National Rent Prices for June

(Click to enlarge; image courtesy of Zumper)

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